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Tuesday, November 21, 2017

VTB Group consolidates 100 percent ownership of Belarusian subsidiary

Russia's VTB Group has bought the 2.63 percent stake in VTB Bank (Belarus) owned by minority shareholders, increasing its stake to 100 percent.

VTB bought a 25.95 percent stake in the bank from the Belarusian government in 2013.

"We are pleased to have completed the consolidation process. VTB Group plans to actively develop its Belarusian subsidiary. We are now finalizing an increase in the share capital of VTB Bank of US$ 37 million, which will strengthen the bank's positions in the retail and corporate investment segments," Senior Vice President Mikhail Yakunin, the head of the group's financial subsidiaries division, said. "We also aim to expand our regional network in Belarus, and this year we intend to open three new branches, increasing the total number of VTB outlets in Belarus to 296."

VTB Group offers a comprehensive range of services to clients in more than 20 countries across the CIS, Europe, Asia and Africa.